Guidelines & Regulations

Guidelines & Regulations

Circular on the Implementation of the Requirement for the Provision of the Fidelity Insurance Cover for Employees of PFAs/PFCs

Section 69 (f) of the Pension Reform Act (PRA 2014) mandates Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to provide annual Fidelity Insurance Cover for all staff to the full value of the pension funds and assets managed or held by them or as may be determined by the Commission

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Revised Guidelines for Retirement Savings Account (RSA) Registration

The ECRS is an upgrade of the Contributor Registration System (CRS) earlier deployed by the Commission for the registration of participants of the Contributory Pension Scheme (CPS). The ECRS has the following functionalities:   i) Provides an electronic platform for the submission of requests by Pension Fund Administrators (PFAs) for the registration of unique contributors […]

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Issues on the Transition from the Contributor Registration System (CRS) to the Enhanced Contributor Registration System (ECRS)

PFAs would recall the various engagements of the Commission during the process of the development of the Enhanced Contributor Registration System (ECRS), and their subsequent participation in the pilot test of the application, preparatory to the deployment of same.

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AMENDED REGULATION ON INVESTMENT OF PENSION FUND ASSET – FEBRUARY 2019

The requirements of this Regulation are consistent with the provisions of the Pension Reform Act, 2014. The purpose of the Regulation is to provide uniform rules and standards for the investment of pension fund assets.

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Voluntary Contribution Guidelines Under the Contributory Pension Scheme

The main purpose of the Pension Reform is to introduce a pension system that is sustainable and has the capacity to achieve the ultimate goal of providing a stable, predictable and adequate source of retirement income for each employee in Nigeria.

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Re: Circular on Forwarding of Requests for Refund of Pension Contributions to Employees of States and Local Governments By Pension Fund Administrators

It has come to the Commission’s attention that following the Circular referenced INSP/CIR/SOD/18/01 of 31 August 2018, some Pension Fund Administrators have been refusing to execute the approvals granted by the Benefits and Insurance Department of the Commission for refund of pension contributions of State and Local Government employees.

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Re: Review of Programmed Withdrawal Template

Further to the Circular Ref. PENCOM/INSP/CIR/Surv/18/21 dated 8 August 2018, suspending the use of the Revised Programmed Withdrawal Templates (PWT), you are by this circular requested to revert to the old PWT for the computation of retirement benefits under the CPS.

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Addendum To The Framework On Pension Enhancement For Existing Retirees On Programmed Withdrawal Under The Contributory Pension Scheme (CPS)

Following the implementation of  the Framework on Pension Enhancement for existing retirees on Programmed Withdrawal under the Contributory Pension Scheme

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Revised Procedures On The Processing of Death Benefits

The Commission has received series of complaints from retirees, who alleged that their PFAs have wrongfully paid their death benefits to their Next-of-Kin or legal beneficiaries while they are still alive and in active service without their consent.

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FRAMEWORK FOR MICRO PENSION PLAN 2018

The provisions of the Pension Reform Act 2014 (PRA 2014) applies to all employees in the Public Service of the Federation, Federal Capital Territory, States and Local Governments and the Private Sector Organizations in which there are three or more employees. However, Section 2(3) of the Act provides that employees of organizations with less than […]

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Guidelines for Micro Pension Plan 2018

Section 2(3) of the Pension Reform Act, 2014 (PRA 2014) provides that employees of organizations with less than three employees as well as the self-employed persons shall be entitled to participate in the Contributory Pension Scheme in accordance with Guidelines issued by the Commission.

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Addendum to the Circular on Withdrawals from Voluntary Contributions

Following the implementation of the Circular ref. PENCOM/INSP/CIR/SURV/17/22 of 16 November, 2017 on Withdrawal of Voluntary Contributions

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Circular on Forwarding of Requests for Refunds in Respect of Employees of States and Local Governments by PFA

This is to inform all Pension Fund Administrators that henceforth all requests for approvals

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Circular on Review of Programmed Withdrawal Template

Following the recent implementation of the revised Template for Programmed Withdrawal as a mode of accessing retirement benefits under the Contributory Pension Scheme, the Commission has received complaints from several quarters indicating concerns against the new Template

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